Konterkarierende Kapitalbewegungen
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Konterkarierende Kapitalbewegungen
Eine Überprüfung der deutschen Evidenz
Credit and Capital Markets – Kredit und Kapital, Vol. 11 (1978), Iss. 3 : pp. 348–364
Additional Information
Article Details
Neumann, Manfred J. M.
References
-
1. Brunner, K.: „Money Supply Process and Monetary Policy in an Open Economy“; M. B. Conolly und A. K. Swoboda (Hrsg.), International Trade and Money, London 1973, S. 127-166.
Google Scholar -
2. Fratianni, M.: „A Note on the Theory of Offsetting Capital Flows“, Journal of Monetary Economics, Bd. 3, Nr. 1, 1977, S. 13-1338.
Google Scholar -
3. Johnson, H. G.: „The Balance of Payments, Pakistan Economic Journal“, 1958, wiederabgedruckt in H. G. Johnson (Hrsg.), Money, Trade and Economic Growth, London 1962.
Google Scholar -
4. Ders.: „Inflation and the Monetarist Controversy“, de Vries Lectures, Amsterdam 1971.
Google Scholar -
5. Ders.: „Ihe Monetary Approach to Balance-of-Payments Theory“, M. B. Connolly und A. Swoboda (Hrsg.), International Trade and Money, London 1973, S. 206 - 224.
Google Scholar -
6. Kouri, P. J. K.: „Die Hypothese konterkarierender Kapitalströme - Eine Fallstudie für die Bundesrepublik Deutschland“, Kredit und Kapital, 8. Jg. (1975) S.1- 30.
Google Scholar -
7. Ders.: und M. Porter: „International Capital Flows and Portfolio Equilibrium“, Journal of Political Economy, Bd. 82, 1974, S. 443 - 467.
Google Scholar -
8. Meltzer, A. H.: „The Monetary Approach to Inflation and the Balance of Payments“, M. Fratianni und K. Tavernier (Hrsg.), Bank Credit, Money and Inflation in Open Economies, Beiheft 3 zu Kredit und Kapital, Berlin 1976, S. 579 - 617.
Google Scholar -
9. Mundell, R. A.: „Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates“, The Canadian Journal of Economics and Political Science, Bd. 29, 1963, S. 475-485.
Google Scholar -
10. Ders.: „Monetary Theory“, Pacific Palisades, Calif. 1971. - 11. Neumann, M. J. M.: „Konstrukte der Zentralbankgeldmenge“, Kredit und Kapital, 8. Jg. (1975) S. 317 - 345.
Google Scholar
Abstract
Neutralizing Capital Movements. An appraisal of the German evidence
According to Ricardo’s law, fixed exchange rates and completely integrated capital markets prevent the monetary authorities of a small, open economy from pursuing an independent monetary policy. Interest-rate-induced capital movements completely neutralize any monetary policy action. This article examines German experience during the sixties. It is shown that the findings of previous studies, which suggested a relatively high degree of neuralization, are inaccurate. The evidence presented reveals that not more than about 50 per cent of the autonomous changes in the German monetary base were neutralized by interest-rate-induced capital movements in the same quarter.